Pakistan could very well welcome its first Shariah compliant peer-to-peer invoice financing platform as the start-up behind the idea has beaten almost 20 other fintech start-ups to win a US$20,000 grant in the Fintech Disrupt Challenge 2017.
Invoice Wakalah was one of the three (the other two being Unikrew Solutions and Agrigate) start-ups which secured US$20,000 in seed capital provided by UKAid while digital lender Creditfix bagged the US$100,000 prize granted by the Bill & Melinda Gates Foundation. Invoice Wakalah was the only fintech company with a business model that complied to Shariah principles; the grant will allow Invoice Wakalah to build on its idea and develop its product. If and when the idea materializes, Invoice Wakalah would join Seed Out in Pakistan’s small Islamic crowdfunding community.
The Fintech Disrupt Challenge was organized by Karandaaz Pakistan – a non-profit company established by the Securities and Exchange Commission of Pakistan to drive financial inclusion through digital solutions – in partnership with IBA AMAN Center for Entrepreneurial Development. A total of 60 start-ups applied.